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Bank Of America Corp (BAC) Financial News - WRAPUP 1-Market rout drives global economy to precipice

Bank Of America Corp (BAC)

WRAPUP 1-Market rout drives global economy to precipice

Quote: Tue Aug 9, 2011 4:44am EDT (Clarifies title of Spanish prime minister) * Fear grips Asian markets after Wall Street plunge * China inflation above expectations, headache for central bank * Obama says S&P action adds urgency to deficit cutting * Pressure mounts on Fed to stimulate U.S. economy * S&P index plunges 6.6 pct, worst since Dec. 1 2008 By Koh Gui Qing and John Chalmers BEIJING/SINGAPORE, Aug 9 (Reuters) - The global economy edged closer to calamity as stock markets slumped further in Asia on Tuesday, with investors losing confidence that the United States and Europe can rein in their debt burdens quickly and avert a double-dip recession. The worsening market trauma has piled pressure onthe U.S. Federal Reserve to announce fresh measures of support for the U.S. economy at a policy meeting on Tuesday, but analysts said its options were limited. "The current situation could be seen as a fast, complete and unexpected loss of confidence that has been building up over the past few weeks," BNP Paribas said in a note published as Asian stock markets swooned, losing between two and seven percent. "Given that the global economic recovery remains fragile, this fast disappearance of confidence is worrying, which puts us back in a vicious circle where the market drop feeds pessimism." As of Monday, stock losses had wiped more than $3.8 trillion from investor wealth globally over eight days and sentinvestors rushing for safety in the Swiss franc, the Japaneseyen and gold. CHINA INFLATION DASHES STIMULUS HOPES As the flight from risk continued in Asia on Tuesday, there was more bad news, this time from China, the stuttering global...
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